Ransomware is a well-named type of cyberattack. Cybercriminals taking this approach kidnap your data. After accessing your network, they encrypt files and demand payment for the passcode. Here are the top seven things you need to know about this business threat.

#1 It Can Happen to You

Cybercriminals rely on your false confidence. Don’t think “it won’t happen to me.” Attacks on government, education, healthcare, or financial institutions get publicity. Yet organizations of all types and sizes are targeted.

#2 Ransomware Spreads Fast

Ransomware is malware, malicious software that can reach throughout a network. So, if Jane from accounting opens a ransomware file, every single computer on your business network could be infected. The virus can spread between businesses, too. Consider the debilitating WannaCry ransomware attack of 2017. Within four days of its first detection in Europe, the strain had spread to 116 countries.

#3 Ransomware Targets People

A common method to send out phishing emails in the hope of having people enter their access credentials. Targeted business communication emails work, too. The attacker gets to know your business first. Then they send an email impersonating a colleague, supplier, or customer asking you to take action or update contact details by clicking on the link or downloading a file.

#4 Ransomware is Costly

Once the ransomware is installed on your system, it locks down your files. To regain access to the files, you need the password or decryption key the attacker supplies when you pay up; that’s if they keep their end of the bargain once you pay the ransom. These are crooks you’re dealing with after all!

In Coveware’s analysis of Q3 2019, the average ransom payment increased by 13% to $41,198 as compared to $36,295 in Q2 of 2019. And that’s just the cost of the ransom. Indirect costs include the cost of downtime, lost revenue, and long-term brand damage. There’s also the expense of removing the ransomware, forensic analysis, and rebuilding systems.

The average ransomware attack in Q3 2019 resulted in 12.1 days of downtime. — Coveware

#5 Ransom Requires Cryptocurrency

Ransom payment is usually made by bitcoin or another cryptocurrency. Your business needs to buy cryptocurrency with actual cash, then transmit the ransom. They choose cryptocurrency because it’s very difficult to trace. It doesn’t help you that bitcoin is not something you can charge back like a credit card.

#6 A Recovery Plan Helps

Planning in advance can help you respond more reasonably. Document plans to disconnect infected computers from the network as soon as possible. Also, power down any machines that could be vulnerable to avoid spreading contagion.

You should also discuss in advance whether or not your business will pay a ransom. Weighing the costs and benefits without a deadline on the decision can help you react more strategically.

#7 You Can Take Action

You don’t have to sit around worrying and waiting for a ransomware attack. There are many things you can do to help prevent this type of attack:

  • Filter traffic, preventing it from coming into your network in the first place.
  • Scan inbound emails for known threats, and block certain attachment types.
  • Use antivirus and anti-spam solutions and regularly upgrade and patch vulnerable software.
  • Educate all users about social engineering.
  • Allow remote access to your network only from secure virtual private networks.
  • Back up your data to more than one location so that you can restore any impacted files from a known source.

Ransomware is a lucrative, relatively easy mode of attack for cybercriminals. They could target your business. Contact Underdog Computer and Network Support Today! Let us help protect you 570-634-5350

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We found it very easy to work with Underdog. He gave a very clear and professional quote, he has been promptly responsive in all communications, and the network is working great. I feel very good about using his company for any future IT needs for our business.
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Barton Heights had a very successful computer upgrade due to Underdog.  I met with him 2-3 months before the project and he gave us an estimate of the entire upgrade process involving 31 computers and a server.  He advised us and placed the order.  He also worked with us and ended up revising the estimate twice to completely satisfy our computer upgrade needs.  He added true value to his service as he was willing to perform the upgrade in the evening when we were closed to minimize our down time as we are a paperless business and rely 100% on our computers.  Carmine stepped up and took care of those problems as well, even though that was not his responsibility.  He always responds quickly to any issue that occurs.  I would highly recommend him to anyone!
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Tim Stump, Shawnee Mountain Ski Area
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If you are having issues or just want to see if there are options for and avenues of improvement for your computer / networking needs, checkout Underdog Computer and Network Support LLC.

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